Energy Tax Credit to Generate $6 Billion in Remodeling Jobs

Energy Tax Credit to Generate $6 Billion in Remodeling Jobs

March 17, 2009 – (RealEstateRama) — Energy Star has published comprehensive information on how the housing industry and consumers can take advantage of the federal tax credits for energy-efficient home improvements in the new economic stimulus package. According to federal officials, the credits are expected to significantly increase demand for green renovation projects this year and next. Congressional economists project that the new provisions will generate an estimated $6 billion in remodeling work by the end of 2010.

Homeowners can receive a 30% tax credit, up to a total of $1,500, for doors, windows, insulation and other improvements. There are also new and expanded tax credits for new construction that include renewable energy systems and products, such as solar panels.

The newly expanded tax credits are in alignment with industry research which shows that remodeling and retrofitting the nation’s older homes will have a far more significant impact on reducing residential energy consumption than meeting even the most aggressive efficiency goals for new homes. Not only this, but the credits are a great marketing tool for your members. Details on qualifying improvements are available on the Energy Star Web site.

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Source: CDBIA

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